emini analysis 8th February 2017 – pre-open from Chartprofit
See previous comments. ES needs to hold above 2281.00 (the very minor 1/2R off the recent high) to maintain a strong price location in the ST. Pre-open chart is printing close to that level. As long as ES holds above 2265.00 (4mn poc) it is in a strong price location in the LT.
Momentum (PriceOsc) on the SPY chart is positive and turned back up on Friday.
First Level Support = 2265.00 (4 month poc)
Second Level Support = 2159.50 (6month poc)
Key Charts; IWM 136.70 is the 2mn poc Resistance and chart is having a problem printing above that level at the moment. Time above that level would be a positive.
DAX is currently printing below 11577.00, its 3mn poc.
Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 10.32. Last Thursday’s ratio at 12.15 was the highest since May 2015.
Stocks>50dyma numbers: Nyse 53% (from 57%), Nasdaq 50% (unch), R2000 44% (from 46%). Numbers >50 are supportive.
Supporting Charts
Bonds: TLT – three weeks ago the major poc migrated higher to 121.60. TLT has closed below that level since that migration which is weak price location. TLT must print back above that poc to regain a strong position. Futures indicate a higher open today.
Dollar Index: is rallying a little off last week’s low. There is Resistance at the 6month poc at 101.00.
Gold: 115.69 is the 1/2R off last year’s low. GLD closed above that level on Friday and on Monday closed at its highest level since November 10th. Stronger price location.
Oil: USO – the major poc recently migrated higher from 10.78 to 11.44. Price relative to 11.44 is now important to monitor. USO closed just below that level on Tuesday in a weak price location.
GBPUSD: has today recovered back above the 1.2419 Support (10mn poc).
USDJPY: The 1/2R off the 2015 high comes in at 112.47 which has been Support this year. Chart is currently printing below that Support.
click to enlarge graphic
